The boring, white bread retirement plan isn’t just for the hoi polloi, entrepreneurs, business people, and other high achievers absolutely cannot afford to overlook its virtues; which go far beyond just tax [...]
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The boring, white bread retirement plan isn’t just for the hoi polloi, entrepreneurs, business people, and other high achievers absolutely cannot afford to overlook its virtues; which go far beyond just tax [...] Don’t passively wait for the IRS to decide your fate if you owe taxes. Learn your options and potential strategies now, before it is too [...] Save taxes on health insurance, foreign bank accounts, give workers a 1099 to protect yourself from the IRS, and other news for [...] “As an online retailer, I don’t have to collect any sales tax.” I hear this from clients all the time and it is absolutely not true, maybe. You see, one of the hottest areas of commercial law right now concerns the internet and which internet sales are subject to sales [...] Setting sail from the safe harbors of being an employee and sailing into the unknown waters of self-employment can be intimidating. One of the biggest hassles is complying with the incredible amounts of government regulation; all of the sudden you have sales tax to collect, payroll taxes to pay, estimated federal and state income taxes and a plethora of other [...] Every year at around this time most money web sites will throw up a list of “Top 10 Red Flags for the IRS.” The premise is that you should avoid doing some things on your tax return because you may draw unwanted attention from a nosy IRS agent that bears a shocking resemblance to SS Colonel Hans Landa (the Nazi detective from “Inglourious Basterds.” Using medieval techniques of torture (no one has ever accused the IRS of being unduly modern), he will extract compromising information, a hefty chunk of change, and your first born. Well, the madness stops here! Ignore those ridiculous lists and instead focus your efforts on legally minimizing your tax bill the smart [...] Take a look at the highlighted categories below and, if one applies to you, read on and see if you can save some money on taxes this year. If it doesn’t apply to you then close this window and get back to doing something productive. I only included categories that I thought would be most applicable to the entrepreneur and independent contractor and I picked out the juicy stuff, the credits and deductions that might save you the most [...] In an incredible story of the victory of the underdog over the evil forces of bureaucracy, Lori Singleton-Clarke’s epic struggle shows that you can face the IRS and get what is rightfully yours. If you or someone you know is studying or planning on earning a university degree, then you should know her story. You can read the plain-vanilla version as it appears in the Wall Street Journal here, or just skip to the saga as it will undoubtedly unfold in a future Hollywood blockbuster [...] 2010′s Great Roth Conversion isn’t just a neat, one-off tool for the rich, it can have repercussions for the hungry, up-and-coming entrepreneur as well. Roth plans can be a boon long-term for those who believe that they will end up in a higher tax bracket in the future than the one that they are in now. Since every entrepreneur is a dyed-in-the-wool optimist, if you’re not currently in the highest tax bracket, you probably plan on being so in the future! So let’s review what makes the Roth so attractive and see who are the primary candidates who could benefit from a Roth conversion or a Roth [...] Admit it, you don’t really think about taxes before you turn your shoebox full of receipts over to your accountant sometime in March, right? She gives you back a form and you sign it and send it in along with a fat check, if you’ve had a good year, or maybe, if the year sucked (2008?) you actually get some money [...] |
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